Required settings for the process to create the statement are organization and general ledger configuration. Select them and click 'OK'

Balance Sheet

The process will attempt to create the following grouping categories:

Assets

Liability and Equity

For these categories to be created there needs to be a corresponding accounting element(s) setup in the general ledgers accounting tree. If no corresponding accounting element is found then the categories nodes are created.

The accounting elements are retrieve by matching on their element name based on standard Australian accounting names:

Assets

Element = Assets

Liability and Equity

Element: Liabilities

Element: Owner's Equity/Net Worth

Once the Balance Sheet has been setup, go to Financial Management -> Accounting -> Analysis Tools -> Balance sheet and P&L structure, the new Balance Sheet will be available in the accounting report drop down.

Profit & Loss

The process will attempt to create the following grouping categories:

Income

Expenses

Other Income/Expenses

For these categories to be created there needs to be a corresponding accounting element(s) setup in the general ledgers accounting tree. If no corresponding accounting element is found then the categories nodes are created.

The accounting elements are retrieve by matching on their element name based on standard Australian accounting names:

Income

Element = Income

Element = Cost of Goods Sold

Element = Gross Profit

Expenses

Element: Expenses

Element: Net Ordinary Income

Other Income/Expenses

Element: Other Income/Expense

Once the Profile & Loss statement has been setup, go to Financial Management -> Accounting -> Analysis Tools -> Balance sheet and P&L structure, the new Profit & Loss statement will be available in the accounting report drop down.

Tax Rate Accounting

The Setup module includes a process to create accounting entries for the Australian Tax Rates included in the reference data.

When taxes reference data is imported, it doesn't create the accounting entries.

When run this process takes an general ledger configuration as parameter and creates an accounting entry for each tax rate using the defaults in the accounting configuration.